Full text of National Economic Trends : June 1984
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National Economic Trends June 1984 During tne past three years, falling oil and energy (fuels and related products and power) prices have boosted productivity and real GNP contributing, temporarily, to slower price increases. When the cost of a factor of production such as energy declines relative to the price of the product, firms have an incentive to increase the use of that resource and produce more output. The productivity of existing employed resources is enhanced, and firms bid for more resources to produce more output. The increase in the supply of national output, given the money stock, tends to result in lower nominal prices. Though cyclical factors also have been important over the past three years, the effect of declining energy prices on productivity has been observable nonetheless. The rapid 3.4 percent rate of productivity growth since the end of the recession in the fourth quarter of 1982 largely reflects the strong cyclical rebound of the economy. The 1.8 percent trend rate since mid-1981, however, has not been raised by cyclical influences. In both the first quarter of 1984 and the second quarter of 1981, cyclical measures were about the same. Moreover, even during the earlier period (11/1981 to IV/1982), productivity growth at a 0.5 percent rate was unusually strong, given the sharp cyclical downturn. The 1.8 percent trend rate of productivity growth during the past three years compares quite favorably to its dismal 0.7 percent rate of increase during the previous eight years (1/1973 to n/1981), a period that contained three major surges in relative energy costs. The apparent turnaround in productivity growth is important primarily because it is the principal determinant of growth in real income. Energy Price and Productivity Growth R a tes!/ I/1973-II/1981 II/1981-IV/1982 -11.4% -13.1% 14.2 -7.0 -5.5 0.7 1.8 0.5 Relative price of crude oil^/ 17.7% Relative price of energy!/ Output per hour II/1981-1/1984 IV/1982-I/1984 -9.4% - 8.8 3.4 1/ Compounded annual rates 2/ Measured using the producer price indexes and the business sector implicit price deflator —John A. Ta tom views expressed do not necessarily reflect official positions of the Federal Reserve System. TO TAL C IV IL IAN FMPt OYKENT COMPOUNDED ANNUAL RATES OF CHANGE THCUS a NL^ I N I T I A L MONTH TERMINAL — Kt M ONTH 10-82 11 -8 2 12-82 1-83 2 -8 3 3 -8 3 4-83 5 -8 3 6-83 -1 .3 12 -82 -1 .0 -0 .7 1-83 0.0 0 .7 2.1 2-8 3 0.1 0 .6 1 .2 0.2 3-83 0.4 0 ,9 1.4 1.0 1.8 4 -8 3 0.9 1 .4 1.9 1 .8 2 .7 1-84 2-8 4 3 -8 4 ------------ 4—04 90*979 9 9 , i5*t 9 9, 172 99 1316 3.6 9 9 f 60t> 99 ,7 62 5-83 1 .1 1.5 1.9 1.9 2.4 2 .7 1.9 6-83 2 .4 3 .0 3.6 3 .9 4.8 5.9 7.0 1 2 .5 7-83 2.8 3 .3 3.9 4.2 5.0 5.9 6.7 9.1 5.9 3 .3 3 .8 4.1 4 .7 5.3 5.8 7.1 4.5 2 .8 9 - 8 3 10-8 3 11 -83 12-8 3 99 » 036 11 -8 2 8-83 8 -8 3 7 -8 3 I t u , 743 10 1,223 101 ,40 3 .1 1 0 1 , ö7ö 9-83 3.0 3.5 3.9 4.1 4 .7 5.2 5.6 6 .5 4.6 3.9 4 .7 10 -8 3 2 .8 3 .2 3.6 3 .8 4 .3 4 .6 4.8 5 .4 3.7 3.0 2.9 1.1 1 1 -8 3 3.2 3 .6 4.0 4.2 4 .6 5.0 5.2 5.8 4.5 4 .1 4 .5 4 .4 101,970 7.7 10Ü.606 12 -8 3 3.3 3 .6 4.0 4 .2 4.6 4 .9 5 .1 5.5 4 .4 4.1 4 .4 4.2 5.9 4.0 1-8 4 3. 2 3 .6 3.9 4. 1 4 .4 4 .7 4.8 5.2 4.2 3 .9 4.1 3.9 4.9 3.5 102,941 2 .9 103,190 2 -8 4 3.6 3.9 4.2 4.<f 4.8 5.0 5.2 5.6 4 .7 4 .6 4 .8 4 .8 5. 8 5.1 5.7 8 .5 3-84 3.5 3.8 4.2 4.3 4.6 4.9 5.0 5.3 4.5 4.4 4 .5 4 .5 5 .2 4.6 4 .7 5 .7 2 .9 4-8 4 3.5 3 .8 4.1 4 .2 4.5 4 .7 4.8 5.1 4.4 4 .2 4.3 4.3 4.8 4 .3 4 .3 4 .8 3 .0 3.1 5-84 3.9 4 .2 4.5 4.6 4 .9 5 .1 5.3 5 .5 4.9 4.8 5.0 5.1 5. 6 5.3 5.6 6 .2 5.5 6.8 10-82 11 -8 2 12-82 1-83 2 -8 3 3-83 4-83 5-83 6-83 7 -8 3 8 -8 3 9-83 10-83 11 -83 1 2 - 8 3 ... 1 - 8 4 2-8 4 103,ö9<: lo 4 , iw4,*tGZ 1 0 .7 iO i. , 2 8 0 3 —8 4 — 4 —84— I N I T I A L MONTH _______ _______ _ __________ PREPARLQ BY FEDERAL K t S t K V t BAN* LlF ¿ 1 . L L u L - ______ JUNE 1 , 1984 PAYROLL EMPLOYMENT* COMPOUNDED ANNUAL RATES OF CHANGE________________________________________________________________________ TERMINAL MONTH 10-82 I N I T I A L MONTH 1 1 -8 2 12-82 1-8 3 11- 82 -2 .0 12 -82 -1 .2 -0 .4 1 -8 3 0.0 1.0 2.5 2-83 -0 .3 0 .2 0.6 -1 .3 2 -8 3 3-83 4-8 3 5-83 6-83 7-83 8-83 THOUSANDS UF PERSONS 9 - 8 3 10 -83 1 1 - 8 3 12 -8 3 1-8 4 2-8 4 3-8 4 4-8 4 88.674 88 •646 88 .8 2 7 88 .7 28 3-83 0.3 0.9 1.4 0.8 3.0 4-8 3 1.0 1 .6 2.1 2.0 3.6 4.3 88 .9 4 5 8 9 .2 59 5-8 3 1 .5 2.0 2.5 2 .6 3.9 4 .3 4.4 6-83 1 .9 2.4 2.9 3 .0 4.1 4.5 4 .6 4 .8 7-83 2 .2 2 .7 3.2 3 .3 4.2 4.5 4.6 4 .8 4.7 8 9 ,5 78 89 .9 2 7 1.9 2.2 2 .1 2.7 2.6 2.2 1.5 -0 .1 -4 .6 2.7 3 .2 3.6 3 .7 4.5 4.7 4.8 4 .9 4.9 5.0 1 5 .7 «V 00 1 3| 2.8 3.3 3 .7 3 .8 4.5 4.7 4.7 4 .8 4 .8 4.8 9 .9 4.4 11 -8 3 3.0 3.4 3.7 3 .9 4.5 4 .7 4 .7 4 .8 4.8 4 .8 8.1 4 .5 4*6 CM 00 1 3.1 3.5 3.8 3 .9 4.5 4.6 4 .7 4 .7 4.7 4.7 7.2 4 .5 4.6 4.5 1-84 3 .2 3.6 3.9 4 .0 4.5 4 .7 4.7 4.7 4 .7 4 .7 6 .7 4 .6 4.7 4.7 4.9 2-J34 3.4 3 .7 4 .0 4 .2 4.6 4 .8 4 .8 4 .9 4 .9 4.9 6.6 4.9 5.0 5.1 5.5 6.1 3-84 3.3 3 .7 4.0 4.1 4 .5 4 .6 4 .7 4 .7 4.7 4.7 6 .1 4.5 4.6 4.5 4 .6 4 .4 2.8 3.5 3 .8 4.0 4 .1 4.6 4 .7 4 .7 4 .7 4.7 4 .7 6 .0 4 .6 4.7 4.7 4 .7 4 .7 4 .0 5 .3 5-84 3.4 3 .7 4 .0 4 .1 4.4 4.6 4.6 4.6 4.6 4.6 5.6 4 .4 4 .4 4 .4 4 .4 4 .3 3 .7 4.1 3 .0 10—82 11 -8 2 12-82 1-83 2 -8 3 3-83 4-83 5-83 6-83 7-83 8-83 9-83 10-83 11 - 8 3 1 2 -8 3 1-8 4 2-8 4 3-8 4 4 -8 4 00 00 1 00 1. 5 9-8 3 * 1 * 90.274 89 .9 1 8 91 .0 1 8 9 1 ,3 4 5 9 1 ,6 88 9 2 ,0 2 6 92 .3 91 92*846 9 3 .0 5 8 93.4 56 H 93,688»- I N I T I A L MONTH ♦REVISED FROM 1 9 79 . P - PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF S T . LO UIS JUNE 5 , 1984 2 EMPLOYMENT R A T I O SCALE MILLIONS 1976 R A T I O SCALE OF PERSONS 1977 MILLIONS SEASONALLY ADJUSTED 1978 1979 1980 1981 1982 1983 OF PERSONS 1984 SOURCE*. U.S.DEPARTMENT OF LABOR PERCENTAGES ARE ANNUAL RATES OF CHAN6E FOR PERIODS INDICATED. * DATA REVISED FROM 1979. LATEST DATA PLOTTED: MAY PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS UNEMPLOYMENT PERCENT SEASONALLY RATE ADJUSTED PERCENT 12. 0 1 . 11. 0 10. 10. 0 9. 9.0 8. 8.0 7. 7.0 6. 6. 0 5. 5.0 4. 4.0 1976 1977 1978 1979 1980 19 8 1 1982 SOURCE: U .S . 1983 1984 DEPARTMENT OF LABOR PERCENT OF C I V I L I A N LABOR FORCE LATEST DATA PLOTTED: MAY PREPARED BY FEDERAL RESERVE BANK OF ST . 3 LO UI S CONSUMER P R IC E IN D E X FOR A L L HR RAN CnNSIIM FR *. *FA<yiMAI LY A D J IK T F n * COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL I N I T I A L MONTH 1967=100 MONTH________________________________________________________________________________________ ________________________ _____________________________________________________ 10 -8 2 11-8 2 12-82 1-8 3 2 -8 3 3-83 4-83 5- 8 3 6-83 7 - 8 3 8 -8 3 9 - 8 3 10 -83 11 -8 3 12-83 1- 8 4 2-8 4 3-84 4-8 4 11- 82 0.0 12-82 -1 .8 -3 .6 1- 8 3 0 .0 0.0 3 .8 2-83 -0 .2 -0 .3 1. 4 - 0 •8 3-8 3 0 .0 0.0 1.2 0 . ,0 0.8 4-8 3 1 .4 1.6 3.0 2. 8 4.6 8. 5 6. 9 293.7 29 2. 8 293.7 2 9 3 .5 29 3 . 7 295.7 5-83 1 .9 2.3 3.5 3. 4 4 .9 6-8 3 2.0 2.3 3.3 3. 2 4.2 5. 4 3.9 2..5 7-83 2.3 2 .6 3.5 3. 4 4.3 5. 2 4.1 3. 5 8-83 2.5 2.8 3 .6 3. 6 4.3 5. 1 4 .2 3 . ,8 4 .5 4.5 9-8 3 2.7 2 .9 3.7 3. 7 4.4 5. 0 4.3 4 . .0 4.5 4 .5 4.5 5.4 297.0 2 9 7 .6 4.5 298.7 2 9 9 .8 3 0 0 .9 10-83 2.9 3.1 3 .8 3. 8 4.4 5. 0 4.4 4 . .2 4 .6 4 .6 4.7 4.9 11-83 3.0 3.2 3.9 3. 9 4.4 4. 9 4.4 4. 2 4.6 4 .6 4.6 4 .7 4.5 12 -83 3.0 3.2 3 .8 3. 8 4.3 4. 7 4.2 4. 0 4.3 4 .2 4.2 4 .0 3.6 2.8 1- 8 4 3.3 3.5 4.1 4. 1 4 .6 5. 0 4.6 4. 5 4 .8 4.8 4 .9 5 .0 5.0 5.3 7.8 2-8 4 3.4 3.6 4.1 4. 1 4.6 4. 9 4 .6 4. 5 4.7 4.8 4.8 4.9 4.8 5.0 6. 1 4 .4 3 0 2. 1 3 0 3 .2 303.9 3 0 5 .8 306.9 3-84 3.3 3.5 4.0 4. 0 4.4 4. 7 4.4 4. 3 4 .5 4.5 4.5 4.5 4.4 4.4 5.0 3 .6 2.8 4-84 3.4 3.6 4 .1 4. 1 4.5 4. 8 4.5 4. 4 4.6 4 .6 4.6 4.7 4 .6 4 .7 5. 1 4.3 4 .2 5. 6 5-84 3.4 3.6 4 .0 4. 0 4.4 4. 6 4.3 4. 2 4 .4 4 .4 4 .4 4 .4 4.3 4.3 4.6 3.8 3.6 4. 0 2 .4 10-82 11 -82 12-82 1-8 3 2 -8 3 3-83 4-83 5-8 3 6-83 7-83 8 -8 3 9 - 8 3 10- 83 11 -83 12-83 1- 8 4 2-84 3-84 4-84 307.6 309.0 3 0 9 .6 I N I T I A L MONTH ♦DATA BEGINNING 1983 INCORPORATES RENTAL EQUIVALENCE MEASURE. PREPARED BY FEDERAL RESERVE RANK OF S T - I Q U I S JUNE 22 , 1984 PRODUCER PRICE INDEX, FINISH ED GOODS - SEASONALLY ADJUSTED* COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL MONTH 10-82 11 -8 2 12- 82 I N I T I A L MONTH 1-83 2 -8 3 3-83 4-8 3 5-83 6-83 7-83 8-8 3 1967 * 100 9 - 8 3 10 -8 3 1 1 -8 3 12 -8 3 11 -8 2 7.0 12-82 5.0 3.0 1-83 0 .3 -2 .9 -8 .5 2-83 0.4 *-1 . 7 -3 .9 0.8 3 -8 3 0.0 -1 .7 -3 .2 -0 .4 -1 .7 4-8 3 -0 .1 -1 .4 -2 .5 -0 .4 - 1 .1 5-8 3 0 .4 ■-0 . 6 -1 .3 0.5 0 .4 1.5 3.4 6-8 3 1.0 0 .1 -0 .3 1.4 1.5 2.6 4.1 4.7 7-8 3 0.8 0 .1 -0 .3 1 .1 1.2 1.9 2.7 2.3 8-83 1.2 0 .6 0.3 1.6 1.8 2.5 3.2 3.1 2.3 4 .7 9-83 1 .2 0 .7 0 .4 1.6 1.7 2.3 2.8 2.7 2 .0 3 .0 1.3 10 -8 3 1.3 0.8 0.6 1.6 1.7 2.2 2.7 2.6 2.0 2 .7 1.7 2 .1 1 1 -83 1.1 0 .7 0.5 1.4 1.5 1.9 2.2 2.0 1.4 1 .8 0.8 0.6 -0 .8 12 -83 1.2 0.8 0.6 1.5 1.5 1.9 2.2 2.0 1.5 1.9 1.2 1.1 0.6 2.1 1-8 4 1.6 1.2 1. 1 1.9 2 .0 2.4 2.7 2 .7 2.4 2.8 2.4 2 .6 2.8 4 .7 7.3 1 -8 4 2 -8 4 3-8 4 4-8 4 285.0 285.7 283.6 2 8 3 .8 283.4 -0 .4 283.3 2 8 4 .1 285.2 0.0 2 8 5 .2 286.3 286.6 2 8 7 .1 286.9 287.4 289.1 2-8 4 1.8 1.5 1 .3 2.1 2.3 2 .6 2.9 2.9 2.6 3.0 2.7 3 .0 3.3 4.7 6.0 4 .7 3-84 2 .0 1.7 1*6 2 .4 2 .5 2.9 3.2 3.2 3 .0 3 .4 3.2 3 .5 3.8 5.0 6.0 5.3 5.9 4 -8 4 1.9 1 .6 1.5 2 .3 2 .4 2 .7 2.9 2.9 2.7 3.0 2.8 3.0 3.2 4.0 4.4 3.5 2.9 0 .0 5-8 4 1 .8 1.5 1.4 2.1 2 .2 2 .4 2 .7 2.6 2.4 2 .7 2.4 2 .6 2 .6 3.2 3 .5 2.5 1.8 -0 .2 -0 .4 1 0 -8 2 1 1 -8 2 12 -82 1-83 2- 8 3 3-8 3 4-8 3 !5-63 6—83 7—83 8—83 9 - 8 3 1 0 -8 3 1 1 - 8 3 12- 83 1 -8 4 2-8 4 3-84 4-84 2 9 0 .2 291.6 291.6 291.5 I N I T I A L MONTH ♦OATA FOR FOUR MONTHS AGO 1REVISED TO REFLECT LATE 1REPORTING PREPARED BY FEDERAL RESERVE ~BANK Q F ~ S T T W iJ T S JUNE 15» 1984 4 PR IC E S RATIO SCALE RATIO SCALE CONSUMER PRICE INDEX BEGINNING JANUARY 1978 IS FOR ALL URBAN CONSUMERS I C P I - U ) . C P I-U DATA BEGINNING 1983 INCORPORATE A RENTAL EQUIVALENCE MEASURE FOR HOMEOVNERSHIP COSTS. PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED. LATEST DATA PLOTTEDt MAY PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS r a tio PRODUCER scale 1976 PR IC E S RATIO SCALE SEASONALLY ADJUSTED 1 9 6 7 -1 0 0 1977 1978 1979 1980 PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR P E R IO D S LATE ST DATA P LO TTE D t NAY 1981 1 9 6 7 -1 0 0 1982 1983 1984 IN D IC A T E D . PREPARED BY FEDERAL RESERVE BANK OF S T . L O U IS 5 PRODUCER PRICE INDEX, FIN IS H ED CONSUMER FOODS - SEASONALLY ADJUSTED* _______________ COMPOUNDED ANNUAL RATES OF CHANGE__________________________ 11- 82 1967 « IOO w * 1 09 1 TERMINAL ___________________________________________________I N I T I A L MONTH______________________________________________________________ __ MONTH 3-8 4 4 -8 4 2-84 8-83 9 - 8 3 10 - 8 3 11 - 8 3 12-83 1-84 5-83 6-83 7-83 3 -8 3 1- 8 3 2-83 10 -8 2 11 -8 2 12-82 259.3 4 .3 259.6 12 -8 2 2 .8 1.4 1-83 0.9 -0 .7 -2 .7 2-83 3.2 2.8 3.5 259.0 2 6 1 .1 10.2 2 6 1 .1 3-8 3 2.5 2 .1 2.3 5.0 0 .0 4-8 3 3.7 3.6 4 .1 6.5 4 .7 9 .6 5-83 2.4 2.1 2.2 3.5 1.4 2.1 -4 .9 263.1 262.0 260.5 6-83 1 .2 0.8 0.7 1.4 -0 .7 -0 .9 -5 .8 —6 . 7 7-8 3 0 .5 0 .0 -0 .2 0 .2 -1 .6 -2 .1 -5 .7 -6 .0 -5 .4 8-83 0.8 0.5 0.3 0 .8 -0 .7 -0 .8 -3 .3 -2 .7 -0 .7 4 .2 9-83 1.6 1.3 1.3 1.8 0.7 0 .8 -0 .9 0.1 2.5 6 .7 9.1 259.3 260.2 262.1 ro 2.3 2.4 3.0 2.1 2 .4 1.3 2.6 5.0 8.8 11 .1 13 .1 2.0 1 .8 1.8 2.3 1.4 1.6 0 .5 1.5 3.2 5.4 5. 8 4.2 -4 .0 12- 83 2.4 2 .3 2.4 2.9 2.2 2 .4 1.5 2.5 4.1 6.1 6.6 5.8 2.3 9.0 1 -8 4 4.4 4.4 4.7 5 .3 4.9 5.4 4 .9 6.2 8.2 10.7 12 .0 12.8 12.6 2 2 .0 36.6 2 -8 4 4.6 4 .7 4.9 5.5 5.1 5 .6 5.2 6 .4 CO Csl • 10 .3 11 .3 1 1 .7 1 1 .4 17 .1 21.3 7 .7 3 -8 4 4.9 5.0 5.2 5.8 5.5 6.0 5.7 6.8 8.4 1 0 .2 11.1 11.5 11.1 15.3 1 7 .4 8.9 4 -8 4 4.3 4 .3 4.4 4 .9 4.6 4.9 4 .6 5.5 6.8 8.2 8.7 8.7 7.9 10 .5 1 0 .9 3.4 1.3 5-84 3.3 3.2 3.3 3.7 n 3 .5 3.1 3.8 4.8 5.9 6.0 5.7 4.6 6.2 5.6 -1 .0 -3 .7 1 0 -8 2 1 1 -8 2 12 -8 2 1- 8 3 3-83 4-83 5 -8 3 6-8 3 7-8 3 8-83 9 - 8 3 1 0 -8 3 1 1 -8 3 12 -83 1-84 2-8 4 • 1 00 ! 1 o 2.5 11 -83 2 -8 3 26 4 .8 263.9 265.8 272.8 274.5 276.7 10 .1 -6 .7 275.1 -1 0 .0 -1 3 .1 3-84 4-8 4 3-8 4 4-8 4 271.9 I N I T I A L MONTH ♦DATA FOR FOUR MONTHS AGO REVISED TO REFLECT LATE REPORTING PRODUCER PRICE INDEX , FIN IS H ED GOODS, EXCLUDING FOODS COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL MONTH 10 -82 1 1 -8 2 12-8 2 7.7 _____12 -82 5.5 3.3 -0 .1 -3 .8 1-83 2-83 -0 .5 - 3 .1 - 6 .2 -1 _'“2*9 -4 .8 -1 .9 -2 .1 4 -8 3 -1 .2 -2 .9 -4 .4 -2 .3 -2 .7 -0 .2 - 1 .5 -2 .4 “0 .3 6 —8 3 ___ 0 .8 6 -8 3 7-83 8-83 9 - 8 3 10 -8 3 1 1 - 8 3 i -8 3 2-84 . 6__ 289.2 —0 .1 -0 .7 1 .4 2 .2 1.0 0.2 -0 .3 1.5 2 .2 1 .3 0 .6 0.3 1.9 2.5 9-8 3 1.1 0 .5 0.1 _1_.6_ 2.0 0.9 0.3 0.0 1.2 1.6 0.9 0.3 1 2 -8 3 0.8 0.3 1 -8 4 0.7 0 .2 2 -8 4 0.9 0 .4 0.1 _______ . 3 .3 3.4 2.1 2.0 2 8 9 .3 6.0 T .3 8 .6 5.5 5 .3 2 .1 5.2 4 .9 3 .1 4.0 3.5 __ JL.8 1.7 - 0 .8 3.1 2.5 1 .0 0 .7 -1 .0 -1 .2 2.8 2.2 1 .0 __ 0 . 7 -0 .4 -0 .2 0.8 _____ 2 9 1 . 3 _____ 2 9 1 .8 292.8 4 .2 292.6 292.3 292.5 1.2 1 .5 0.0 1 .1 1.3 1.7 2.4 1.8 0.8 0.5 -0 .4 -0 .3 0.2 -0 .4 0.0 0 .9 1.2 1.5 2.0 1.6 0 .6 0 .3 -0 .4 -0 .3 0.0 -0 .4 -0 .4 0.2 1 .1 1.3 1.7 2.2 1.8 0 .9 0.8 0 .2 0 .4 0.8 0.8 1.4 3.3 292.4 2 9 2 .3 2 9 3 .1 3 -8 4 1.1 0.7 0.5 1.4 1.6 1.9 2 .4 2.1 1 .4 1.3 0 .9 1.2 1.7 1.9 2.6 4.2 5.0 4-8 4 1.2 0.8 0.6 1.4 1.7 1.9 2.4 2.1 1.4 1.4 1.0 1 .3 1.7 1.9 2.5 3.5 3.5 2 .1 5-8 4 1.3 1.0 0.8 1.6 1.8 2.1 2.5 2.2 1.6 1.6 1 .3 1.6 2 .0 2.2 2.7 3.5 3.6 2 .9 3.7 11 -82 12 -82 1 -8 3 2-83 3-83 4-8 3 5-83 6-83 7-83 8-83 9 - 8 3 1 0 -8 3 11 -83 12 -8 3 1 -8 4 2-84 3-84 4-8 4 10 -8 2 288.7 287.9 -3 .3 0.1 ...1.3_ 10- 83 11 - 8 3 5 -8 3 289.6 -0 .8 8 -8 3 4-83 -10 .5 3-8 3 7-83 3-83 1- 8 4 292.3 2-83 _____ 5 - 8 3 1967 * 100 I N I T I A L MONTH 291.5 11 -82 1—83 SEASOM ALLY ADJUSTED* 294.3 294.8 295.7 I N I T I A L MONTH ♦DATA FOR FOUR MONTHS AGO REVISED TO REFLECT LATE REPORTING PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS JUNE 15 * 1984 6 IND US T RI A L P R O D U C T I O N R A T I O SCALE R A T I O SCALE 1967-100 1976 1967-100 SEASONALLY ADJUSTED 1977 1978 1979 1980 1981 1982 1983 1984 PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIO DS IN D IC A T E D . LATEST DATA PLOTTEDt MAY PR EL IM IN AR Y PREPARED BY FEDERAL RESERVE BANK OF S T . L O U IS IN D U S TR IA L PRODUCTION COHPOUNDED ANNUAL RATES OF CHANGE TERMINAL MONTH 1 0 -8 2 1 1 -8 2 1 2 -8 2 11—82 —6 .8 1 2 -8 2 -2 .2 2 .7 1 -8 3 5 .1 1 1 .6 2 1 .4 I N I T I A L MONTH 1 -8 3 2 -8 3 3 -8 3 4 -8 3 5 -8 3 6 -8 3 7 -8 3 8 -8 3 1967 = 100 9 -8 3 1 0 -8 3 1 1 -6 3 1 2 -6 3 1 -8 4 2 -8 4 3 -8 4 4 -8 4 1 3 4 .9 1 3 5 .2 1 3 7 .4 2 -8 3 5 .4 9 .8 1 3 .6 6 .3 3 -8 3 7 .8 1 1 .8 1 5 .0 1 1 .9 1 7 .8 4 -8 3 1 0 .4 1 4 .3 1 7 .3 1 6 .0 2 1 .2 2 4 .7 1 3 8 .1 1 4 0 .0 1 4 2 .6 5 -8 3 1 1 .2 1 4 .6 1 7 .1 1 6 .1 1 9 .5 2 0 .4 1 6 .2 6 -8 3 1 2 .1 1 5 .1 1 7 .3 1 6 .4 1 9 .1 1 9 .6 1 7 .1 1 7 .9 7 -8 3 1 4 .0 1 6 .9 1 9 .1 1 8 .7 2 1 .4 2 2 .3 2 1 .5 2 4 .1 8 -8 3 1 4 .4 1 7 .0 1 9 .0 1 8 .6 2 0 .8 2 1 .4 2 0 .6 2 2 .1 2 4 .3 1 8 .2 9 -8 3 1 4 .6 1 7 .0 1 8 .8 1 8 .4 2 0 .3 2 0 .7 1 9 .9 2 0 .8 2 1 .8 1 7 .6 1 7 .0 1 0 -8 3 1 4 .2 1 6 .4 1 7 .8 1 7 .4 18 .9 1 9 .1 1 8 .1 1 8 .5 1 8 .7 1 4 .9 1 3 .3 9 .8 1 1 -8 3 1 3 .3 1 5 .1 1 6 .3 1 5 .8 1 6 .9 1 6 .8 1 5 .7 1 5 .7 1 5 .2 1 1 .6 9 .5 6 .0 2 .3 1 2 -8 3 1 2 .8 1 4 .5 1 5 .5 1 5 .0 1 5 .9 1 5 .7 1 4 .6 1 4 .4 1 3 .8 1 0 .7 9 .0 6 .4 4 .7 7 .2 1 -8 4 1 3 .2 14 .8 1 5 .8 1 5 .4 1 6 .2 1 6 .1 1 5 .1 1 5 .0 1 4 .6 1 2 .1 1 0 .9 9 .5 9 .3 1 3 .0 2 -8 4 1 3 .2 1 4 .6 1 5 .5 1 5 .1 1 5 .9 1 5 .7 1 4 .8 1 4 .7 1 4 .3 1 2 .1 1 1 .1 9 .9 1 0 .0 1 2 .7 1 5 .5 1 2 .0 3 -8 4 1 2 .7 1 4 .1 1 4 .9 1 4 .4 15 .1 1 4 .9 1 4 .0 1 3 .8 1 3 .3 1 1 .3 1 0 .4 9 .3 9 .2 1 1 .0 1 2 .3 9 .0 6 .2 4 -8 4 1 2 .8 1 4 .0 14 .8 1 4 .4 1 5 .0 1 4 .7 1 4 .0 1 3 .7 1 3 .3 1 1 .6 1 0 .8 9 .9 9 .9 1 1 .5 1 2 .6 1 0 .5 9 .7 1 3 .5 5 -8 4 1 2 .4 1 3 .5 1 4 .2 1 3 .8 1 4 .3 1 4 .0 1 3 .3 1 3 .0 1 2 .6 1 0 .9 1 0 .1 9 .3 9 .2 1 0 .4 1 1 .1 9 .2 8 .2 9 .3 5 .3 1 0 -8 2 1 1 -8 2 12 -8 2 1—83 2 -8 3 3 -8 3 4 -8 3 5 -8 3 6 -8 3 7 -8 3 8 -6 3 9 -8 3 1 0 -8 3 1 1 -6 3 1 2 -83 1 -8 4 2 -8 4 3 -8 4 4 -6 4 1 4 4 .4 1 4 6 .4 3 0 .7 1 4 9 .7 1 5 1 .8 1 5 3 .8 1 5 5 .0 1 5 5 .3 1 5 6 .2 1 9 .2 1 5 8 .5 1 6 0 .0 1 6 0 .8 16 2 .5 P 1 6 3 .2P I N I T I A L NONtH P - PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS JUNE 15» 1984 7 PERSONAL RAT 10 SCA L E TRI L L I O N S MONTHLY OF D O L L A R S TOTALS INCOME AT A N NUAL SEASONALLY RATIO RATES TRILLIO NS ADJUSTED S CA L E OF D O L L A R S .2 .1 .0 ,9 I 1. 1 . 1 . 1977 1976 1978 1979 1980 1981 1982 1983 1984 SOURCE: U.S. DEPARTMENT OF COMMERCE PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED. LATEST DATA PLOTTED: MAY PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS PERSONAL INCOME COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL MONTH 10 -8 2 11 -82 12 -82 11-8 2 7 .2 12-82 6.4 5 .6 1-83 5.4 4.5 BI LL IO N S OF DOLLARS ANNUAL RATES I N I T I A L MONTH 1-8 3 2 -8 3 3-83 4-83 5 -8 3 6-83 7 -8 3 8 -8 3 9 - 8 3 10 -8 3 11 -83 12-83 1-84 2-84 3-84 4-84 2 ,6 33.1 2 ,6 45.0 3.5 2,6 5 2 .6 2-83 3.8 2.7 1 .3 -0 .9 3-83 4.9 4 .3 3.9 4.0 2 ,6 5 0 .5 9.2 2,6 70.1 4 -8 3 5.5 5.2 5 .1 5 .6 9.0 8.8 5 -8 3 6 .7 6.7 6.9 7 .7 10.8 1 1 .6 14 .4 6 -8 3 6.6 6 .6 6 .7 7 .4 9 .6 9 .7 10 .1 2 ,6 8 9 .0 2,7 19.3 6 .0 2 ,7 3 2 .6 7-83 6 .7 6.6 6.7 7.3 9 .0 9.0 9.0 6*4 6.8 8-83 6 .4 6.3 6.4 6 .8 8.2 7.9 7 .7 5*6 5.3 3.9 9-83 6.8 6 .8 6.9 7 .4 8.6 8 .5 8 .5 7 .0 7 .4 7 .7 10-83 7.4 7 .5 7 .6 8 .1 9.3 9 .3 9.4 8 .4 9 .0 9.8 12.9 14 .2 11 -83 7 .6 7.6 7.8 8 .2 9 .3 9 .3 9.4 8 .6 9 .1 9 .7 1 1 .7 11.7 9.3 12 -83 7 .9 7 .9 8 .1 8 .5 9.5 9 .6 9 .7 9*0 9.5 10.1 11.7 11.7 10.5 11.6 1-84 8.7 8 .8 9.1 9 .6 10.6 10.7 10.9 10 .5 11.2 1 1 .9 13.6 1 4 .1 14.1 1 6 .6 21.7 2-8 4 8.8 8.9 9 .1 9.5 10 .5 10 .6 1 0 .8 10*4 10.9 11.5 12.8 1 3 .1 1 2 .8 14 .0 15 .2 9.1 3-84 8 .6 8.7 8.9 9.3 10 .2 1 0 .2 10.4 10*0 10.4 1 0 .9 1 1 .9 12.0 1 1 .6 1 2 .1 12.3 7.9 6.6 4 -8 4 8.6 8 .6 8.8 9.2 1 0 .0 1 0 .0 10.1 9.7 1 0 .1 10.5 11.3 1 1 .3 1 0 .8 11.1 1 1 .0 7 .7 7 .0 7.3 5 -8 » 8.5 8 .6 8,8 9 .1 9 .8 9.8 9.9 9*5 9.9 10 .2 10.9 10 .8 10.3 10.5 10.3 7 .6 7.1 7 .4 1 0 -8 2 1 1 -8 2 12 -8 2 r-8 3 ~2—83 3—83 4-8 3 5-83 6-8 3 7-8 3 8-83 9 - 8 3 1 0 - 8 3 11 -8 3 12 -83 >84 3-8 4 2 ,7 4 7 .6 2 ,756.4 11.5 2 ,7 8 1 .6 2 ,8 12.5 2 ,8 33.5 2 ,8 59.6 2 ,9 06.8 F P 2 ,9 2 8 .0 2,9 43.7 2,961.0 7 . 5 ____ 2 , 9 7 8 . 8 P 4=84 IN I T I A L HÜNTH P - PRELIMINARY -PRl?5ARSD b y f e ü ê r a l JUNE 19, 1984 8 reserve bank O FTT. LOUIS RETAIL RATIO S ALES SCALE BILLIONS RATIO OF DOLLARS 1976 1977 BILLIONS SEASONALLY ADJUSTED 1978 1979 1980 1981 1982 1983 SCALE OF DOLLARS 1984 SOURCE: U.S. DEPARTMENT OF COMMERCE PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED. LATEST DATA PLOTTED: APRIL, MAY ADVANCE ESTIMATE PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS R E T A I L SALES COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL MONTH 10 -8 2 1 1 - 8 2 12 -82 11-82 12-82 I N I T I A L MONTH 1-83 2-83 3-8 3 4-83 5 -8 3 6-8 3 7-8 3 8-8 3 MILLIONS OF DOLLARS 9 - 8 3 10 -83 1 1 - 8 3 12 -8 3 1-8 4 2 -8 4 3 -8 4 4 -8 4 3 4 .0 92 ,7 4 7 9.3 - 1 0 . 9 91*861 1-83 9.2 -1 .4 9.0 2-8 3 5.7 -2 .3 2 .3 -4 .0 8 .7 8 .6 22. 8 92 ,5 2 6 92 ,2 11 3-8 3 9.0 3 .5 4-8 3 10.5 6 .3 11 .0 11 .7 20.5 18.3 5-8 3 13.1 9 .9 14.6 16.1 23.7 24.1 30 .2 6 —83 13.8 1 1 .1 15.3 16.6 22 .4 22 .3 24 .3 18 .7 T —83 12 .4 10.0 13.4 14 .1 18 .1 17.0 16.5 1 0 .2 2 .4 13.6 11.8 10.3 4 .3 -2 .2 -6 .5 93.804 95 ,1 2 5 97 ,2 3 9 98 ,(>38 8-8 3 10 .4 8 .0 10.7 10.9 9-8 3 10 .9 8 .8 1 1 .3 11 .6 14.0 12 .6 11.5 7 .3 3 .7 4.4 16.5 10-83 11 .5 9 .7 12 .0 12 .3 14.5 1 3 .4 12.6 9 .3 7.1 8 .7 17.3 18.1 11 - 8 3 11.6 9 .9 12.0 12.3 14.2 13.2 12 .5 9.8 8 .1 9 .6 15.6 1 5 .1 12-83 11 .2 9.6 11.5 11 .7 13.5 12.5 11.8 9 .3 7 .9 9.0 13.2 12.2 9 .4 6.6 1-8 4 14 .0 12.7 14.7 15.2 17.1 16.6 16.4 14.8 14.2 16.3 21.5 22.8 24.5 31 .1 61 .3 106 .60 2 2-8 4 12 .2 10.8 12.6 12.9 14 .4 13 .7 1 3 .2 11 .5 10.6 11.8 15.2 14.9 14.2 14.8 19.2 - 1 1 . 9 10 5,4 82 3-8 4 10.2 8.9 10.3 10 .4 11.6 10.7 10.1 8 .2 7.1 7.7 1 0 .0 8 .9 7.2 5.9 * 1 00 * 98 ,8 3 2 11 .9 10.7 12.2 12 .4 13.7 13 .0 12.6 1 1 .1 10 .4 11 .3 1 3 .8 13 .4 12.6 12 .7 14.3 1.9 9 .5 44 .3 5-8 4 11.3 10.2 11.6 11 .7 12.9 12.2 11 .7 10 .3 9 .6 10.4 1 2 .4 11.9 11.1 10.9 1 1 .7 1 .9 7 .0 21 .4 2 .Ü 10 -82 11 -8 2 12-82 1-83 2-8 3 3-83 4 -8 3 5-8 3 6 -8 3 7-8 3 8-8 3 9 - 8 3 10 -83 1 1 - 8 3 1 2 -8 3 1-8 4 2 -8 4 3 -8 4 4 -8 4 98,277 99 .5 3 7 10 0.9 23 1 2 .2 10 1. 89 6 102 .43 8 5.7 - 1 4 .4 -1 6 .8 10 3. 87 3 107.097P 107.288E I N I T I A L MONTH P - PRELIMINARY E - ESTIMATED PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS JUNE 13*1964 9 HOURLY COMPENSATION, BUSINESS SECTOR COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL QUARTER 1977 = IOC I N I T I A L QUARTER 2- 7 9 3-7 9 4-7 9 1-80 2-80 3-80 4-8 0 1- 8 1 2-81 3-8 1 4 -8 1 1-8 2 2-82 3-82 4-82 1-83 2-83 3-3 3 *-83 3-79 10.2 12 0.5 4-79 9 .4 8.6 123 .0 1 -8 0 1 0 .0 9.9 11 .2 2-80 10.5 10.5 11 .5 11.9 3-80 10.3 10.3 10.9 10.7 9 .6 4-8 0 10.2 10 .2 10.6 10.4 9 .6 9 è7 1 -8 1 10.3 10.4 1 0 .7 1 0.6 1 0 .2 10.5 1 1 .3 2-81 10 .0 9.9 1 0 .2 10 .0 9.5 9.4 9.3 126 .3 12 9.9 1 3 2 .9 1 3 6.C 13 9 .7 7 .4 142.2 1*5.5 9.9 9.9 10 .1 9.9 9.5 9.5 9 .4 8.5 9.6 9.7 9.6 9.8 9 .6 9.2 9.1 9.0 8.2 8.6 7.6 1-82 9.7 9.6 9 .7 9 .6 9 .2 9.2 9.1 8.5 8.9 8.6 9.5 2 -8 2 9.4 9.3 9 .4 9.2 8 .8 8 .7 8.6 8.1 8 .2 7.8 7 .8 6.2 3 -8 1 _____4 - 8 1 ___ 146.2 1 5 1. 6 15 3. 9 3-82 9.2 9 .1 9.2 9 .0 8.6 8 .5 8.4 7.9 8 .0 7.6 7 .5 6 .6 6 .9 4-82 8.9 8.8 8.9 8 .7 8 .3 8.2 8.0 7.6 7.6 7.2 7.1 6.3 6 .3 5.7 1-83 8.7 8 .6 8.6 8.3 8.0 7.9 7 .7 7 .2 7.2 6.8 6.6 5 .9 5.8 5.3 2-83 8.3 8 .2 8.2 8 .0 7.6 7.5 7.2 6 .8 6 .7 6 .3 6.1 5.5 5 .3 4.7 4 .2 3 .5 3-83 8 .1 7.9 7.9 7 .7 7.3 7 .2 6 .9 6 .5 6.4 6.0 5 .8 5 .2 5.0 4.5 4.1 3 .6 3 .8 156.5 15a.7 4.9 16U .6 162 . 0 16J.5 4-8 3 8.0 7 .9 7.8 7 .6 7.3 7.1 6.9 6 .5 6 .4 6.1 5.9 5.4 5.3 4.9 4 .7 4 .7 5 .3 6 .Ö 1-84 7.9 7 .7 7.7 7.5 7 .2 7 .0 6.8 6 .5 6 .4 6.1 5 .9 5 .5 5.4 5 .1 5.0 5.0 5.5 6.3 5 .9 2 -7 9 3-7 9 4-7 9 1-8 0 2 -8 0 3-80 4 -8 0 1-8 1 2-81 3-81 4-81 1-8 2 2- 8 2 3-82 4 -8 2 1-83 2-83 3-83 4- Ö 3 166 , 2 16Ö.6 OUTPUT PER HOUR OF ALL PERSONS, BUSINESS SECTOR _________ COMPOUNDED ANNUAL RATES OF CHANGE_________ TERMINAL QUARTER I N I T I A L QUARTER 2 -7 9 3 -7 9 4-7 9 1 -8 0 3-79 -2 .0 4 -7 9 -1 .4 -0 .8 1-80 -0 .7 0 .0 0.8 0 00 1 fvl -1 .3 -1 .1 -1 .2 -3 .2 2-8 0 3 -80 4-80 1-8 1 2 -8 1 3-8 1 4-81 1977 = lOC 1-82 2-8 2 3-82 4-8 2 1 -8 3 2-83 3-83 4-83 99.3 9V.1 9 9 .3 9 8 .5 3-80 -0 .7 -0 .4 -0 .3 -0 .8 1.6 4-8 0 -0 .5 -0 .2 0.0 -0 .3 1 .2 0.8 1-81 0.4 0.8 1 .1 1.2 2.7 3 .3 9Ó. 9 9 9 .1 5.8 10 0. 5 2-81 0.6 1.0 1.3 1 .4 2.6 3 .0 4 .1 2.4 3-8 1 1 .1 1.5 1 .8 2.0 3.1 3 .4 4 .3 3.6 4 .8 4-81 0 .6 0 .8 1 .1 1 .1 1.8 1.9 2.1 0.9 0.2 -4 .2 10 1. 1 1 0 ¿ .3 10 1. 2 1 -8 2 0 .5 0 .7 0.9 0 .9 1.5 1 .5 1 .6 0.6 0.0 -2 .3 -0 .4 2-82 0 .3 0.5 0.6 0.6 1 .1 1.0 1 .1 0.2 -0 .4 -2 .1 -1 .0 -1 .6 3 -8 2 0.4 0.6 0.7 0 .7 1 .2 1 .1 1.1 0 .4 0.0 -1 .2 -0 .1 0.0 1.6 4-8 2 0 .6 0.8 0 .9 0 .9 1.4 1.3 1 .4 0.8 0.5 -0 .3 0 .7 1 .1 2.4 3.2 1-8 3 0.7 0 .9 1.0 1 .0 1 .4 1 .4 1 .5 0 .9 0 .7 0 .1 0 .9 1 .3 2.3 2.6 2.0 101.1 100.7 10 1.1 10 1.9 1 0 2. 4 2-83 1. 0 1.2 1.4 1 .4 1.8 1.8 1.9 1.5 1.4 0.9 1.8 2 .2 3 .2 3.7 4.0 3-8 3 1.0 1.2 1.3 1 .4 1.7 1.8 1.8 1.5 1.4 0.9 1 .7 2.0 2.8 3.1 3.0 3.5 1.2 4-8 3 1. 2 1.4 1.5 1 .6 1.9 1.9 2.0 1.7 1.6 1.3 2 .0 2.4 3. 0 3.3 3.3 3.8 2.7 4 .3 1-84 1.3 1.5 1.7 1 .7 2.1 2.1 2 .2 1.9 1. 8 1 .5 2.2 2 .5 3. 1 3 .4 3.4 3.8 3.1 4.1 2-79 3-79 4-79 1-80 2-80 3-80 4-8 0 1-81 2-81 4-81 1-8 2 2-8 2 3-82 4-82 1-83 2-83 In 3-8 1 itia l quarter 6 .0 103. 9 10 4. 2 3-8 3 10 5. 3 3 .9 1 0 6. 3 4-8 3 " .................. PREPARED BY FEDERAL RESERVE bANK UF ST. LOUIS MAY 29, 1984 10 PRODUCTIVITY, RATIO COMPENSATION, AND LABOR COSTS SCALE RATIO 1 977 = 100 1976 1977 1978 1979 1980 1981 1982 SCALE SEASONALLY ADJUSTED 1983 1977 = 100 1984 SOURCE: U .S . DEPARTMENT OF LABOR PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED. LATEST DATA PLOTTED-. 1ST OUARTER PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS U NI T LABOR COSTS, BUSINESS SECTOR _____________________COMPOUNDED ANNUAL RATES OF CHANGE:______________________ TERMINAL QUARTER 1977 = iOC- I N I T I A L QUARTER 3-7 9 4-7 9 1-8 0 2-80 3-8 0 4-8 0 12 .4 4 -7 9 1 1 .0 9.6 10 .9 10 .1 1 0 .7 12.0 11 .8 1 3 .0 1 5 .3 3 -8 0 11 .1 1 0 .8 11.2 11 .5 7.8 1 0 .7 10.4 10.6 1 0 .5 8 .2 8 .6 1 -8 1 9.9 9.5 9.5 9.2 7.2 7 .0 5.4 0 1 CO 3-7 9 * 1 00 0 2-79 1- 8 1 2 -8 1 3-81 4-8 1 1-82 2-82 3-82 4-82 1-83 2-8 3 3 —b 3 *-B3 12 1.3 í¿ 4.1 127.3 1 1 2 -8 0 13 1.V 134.4 13 7 .2 13V.t 2-81 9.3 8.8 8 .7 8 .3 6 .7 6.3 5.2 5.0 3-81 8 .8 8.3 8.1 7 .7 6 .3 5.9 5.0 4 .8 4 .6 4-8 1 9.1 8 .7 8.6 8 .3 7.2 7.1 6 .7 7.2 8 .3 8 .5 7 .6 7.5 7 .3 7.8 8 .8 11 .0 8.8 1 4 0 .7 14 2 .3 140.4 12.0 14 9. 9 9.9 1-82 9.2 8.8 2 -8 2 9.1 8.8 8.7 8.5 7.7 7 .6 7 .5 7 .9 8.7 10.1 9.1 8 .2 3-82 8 .7 8.4 8.3 8 .1 7.3 7.3 7.1 7.4 7.9 8.7 7.6 6.5 4.8 4-8 2 8.3 8 .0 7.8 7 .6 6.8 6.7 6.5 6.7 6.9 7.4 6 .3 5.1 3.6 2.3 15¿.9 15 4 .7 1 5 5. 6 1-8 3 7.9 7 .6 7.5 7 .2 6 .5 6 .4 6 .1 6 .2 6.4 6.7 5.7 4.7 3.5 2.9 3.4 2-8 3 7.3 6.9 6.8 6 .5 5.8 5.6 5.3 5.3 5.3 5 .4 4 .3 3.2 2.0 1.1 0.5 -2 .3 3-8 3 7 .0 6 .6 6.5 6 .2 5.5 5.3 5.0 5 .0 5.0 5.0 4.0 3.1 2. 1 1.4 1.1 0 .0 2.3 4-8 3 6.7 6 .4 6.2 5.9 5.3 5.1 4 .8 4 .7 4 .7 4.7 3 .9 3 .0 2 .2 1 .7 1.5 0.9 2 .5 2.6 1-8 4 6.5 6.1 5.9 5.6 5.0 4.8 4 .6 4 .5 4.5 4.4 3 .6 2.9 2.1 1.7 1.5 1.1 2.2 2.2 1 .& 2 -7 9 3-79 4-7 9 1 -8 0 2-8 0 3 -8 0 4 - 8 0 “T - 8 T 2 -8 1 3 - SI 4 -8 1 1 -8 2 2 -8 2 3-82 4-82 1-83 2-83 3-33 4-83 I n itia l 156.9 15t>.C 15 6. 9 1 5 7 .9 15 8 .6 quarter 11 PREPARED BY FEDERAL RESERVE bANK. LF S T . LO UIS HAY 29* 1984 GROSS NATIONAL PRODUCT IN CURRENT DOLLARS COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL QUARTER B IL L IO N S OF DOLLARS ANNUAL RATES I N I T I A L QUARTER 2 -7 9 3 -7 9 4 -7 9 1 -8 0 2 -8 0 3 -8 0 4 -8 0 1 -8 1 2-81 3 -8 1 4—81 1 -8 2 2 -6 2 3 -7 9 1 3 .6 4 -7 9 10.8 8 .1 1 -8 0 11.1 9 .9 1 1 .7 2 -8 0 8 .4 6 .8 6 .2 0 .9 3 -8 0 8 .7 7 .5 7 .3 5 .2 9 .7 4 -8 0 9 .8 9 .1 9 .3 8 .5 1 2 .6 1 5 .5 1 -8 1 11 .3 1 0 .9 1 1 .5 1 1 .4 1 5 .2 1 8 .0 2 0 .5 2 -8 1 1 0 .7 1 0 .3 1 0 .6 1 0 .4 1 2 .9 1 4 .0 1 3 .3 6 .6 3 -8 1 1 1 .0 1 0 .6 1 1 .0 1 0 .9 1 3 .0 1 3 .9 1 3 .3 9 .9 13 .3 4 -8 1 10 .2 9 .8 1 0 .1 9 .8 1 1 .4 1 1 .7 1 0 .8 7 .8 8 .4 3 .7 1 -8 2 9 .1 8 .7 8 .7 8 .4 9 .5 9 .4 8 .3 5 .4 5 .0 1 .1 -1 .4 2 -8 2 8 .9 8 .5 8 .5 8 .2 9 .1 9 .0 8 .0 5 .6 5 .4 2 .9 2 .5 6 .6 8 .4 2 .9 2 .6 4 .6 2 .7 3 -8 2 4 -8 2 1 -8 3 2 -8 3 3 -6 3 4 -8 3 2 * 4 5 4 .8 2 * 5 0 2 .9 2 * 5 7 2 .9 2 » 5 7 8 .8 2 .6 3 9 .1 2 * 7 3 6 .0 2 * 8 6 6 .6 2 .9 1 2 .5 3 .0 0 4 .9 3 .0 3 2 .2 3 * 0 2 1 .4 3 * 0 7 0 .2 3 -8 2 8 .4 8 .0 8 .0 7 .6 8 .2 7 .2 5 .1 4 .9 4 -8 2 8 .0 7 .5 7 .5 7 .1 7 .8 7 .6 6 .6 4 .8 4 .5 2 .8 2 .6 3 .9 2 .6 2 .5 1 -8 3 8 .0 7 .6 7 .6 7 .2 7 .8 7 .6 6 .8 5 .2 5 .0 3 .7 3 .7 5 .0 4 .4 5 .3 8 .2 2 -8 3 8 .3 8 .0 8 .0 7 .7 8 .3 8 .1 7 .4 6 .1 6 .0 5 .0 5 .2 6 .6 6 .6 7 .9 1 0 .7 1 3 .3 3 .0 9 0 .7 3 .1 0 9 .6 3 .1 7 1 .5 3 * 2 7 2 .0 3 -8 3 8 .5 8 .2 8 .2 7 .9 8 .5 8 .4 7 .8 6 .6 6 .6 5 .8 6 .1 7 .4 7 .5 8 .8 1 1 .0 1 2 .4 1 1 .5 4 -8 3 8 .5 8 .2 8 .2 8 .0 8 .5 8 .5 7 .9 6 .8 6 .8 6 .1 6 .5 7 .6 7 .8 8 .8 1 0 .5 1 1 .3 1 0 .3 9 .1 1 -8 4 8*8 8 .5 8 .6 8 .4 8 .9 8 .8 8 .3 7 .4 7 .5 6 .9 7 .3 8 .4 8 .7 9 .7 1 1 .2 1 1 .9 1 1 .5 1 1 .5 1 3 .9 2 -7 9 3 -7 9 4 -7 9 1 -8 0 2 -8 0 3 -8 0 4 -6 0 1-81 2 -8 1 3 -8 1 4 —81 1 -8 2 2 -8 2 3 -8 2 4 -8 2 1 -8 3 2 -8 3 3 -6 3 4 -8 3 3 ,3 6 2 .2 3 .4 3 6 .2 3 * 5 5 0 .1 I N I T I A L QUARTER GROSS NATIONAL PROOUCT IN 1972 DOLLARS COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL QUARTER 2 -7 9 3 -7 9 B IL L IO N S OF DOLLARS ANNUAL RATES I N I T I A L QUARTER 3 -7 9 4 -7 9 1 -8 0 2 -8 0 3 -8 0 4 -8 0 1 -8 1 2 -8 1 3 -8 1 4 -8 1 1 -8 2 2 -6 2 3—82 4 -8 2 1 -8 3 2 -8 3 3 -6 3 4 -8 3 4 .8 1 * 4 8 6 .6 4 -7 9 2 .8 0 .7 1 -8 0 2 .5 1 .3 1 .9 2 -8 0 -0 .5 • (NI 1 -3 .7 -9 .0 3 -8 0 -0 .3 -1 .5 -2 .2 -4 .3 0 .8 4 -8 0 0 .4 -0 .5 -0 .8 -1 .6 2 .3 3 .8 1 -8 1 1 .6 1 .1 1 .1 0 .9 4 .5 6 .4 9 .0 1 .4 8 9 .3 1 .4 9 6 .4 1 .4 6 1 .4 1 .4 6 4 .2 1 * 4 7 7 .9 1* 5 1 0 .1 2 -8 1 1 .5 1 .0 1 .0 0 .9 3 .5 4 .4 4 .7 0 .6 3 -8 1 1 .7 1 .3 1 .4 1 .3 3 .5 4 .2 4 .3 2 .1 3 .6 4 -8 1 1 .0 0 .6 0 .6 0 .4 2 .1 2 .3 2 .0 -0 .3 -0 .7 -4 .9 1 -8 2 0 .4 -0 .0 -0 .1 -0 .4 1 .0 1 .0 0 .4 -1 .6 -2 .3 -5 .2 -5 .5 2 -8 2 0 .5 0 .1 0 .0 -0 .2 1 .0 1 .0 0 .5 -1 .1 -1 .5 -3 .2 -2 .3 0 .9 3 -8 2 0 .3 -0 .0 -0 .1 -0 .3 0 .7 0 .7 0 .3 -1 .1 -1 .4 -2 .6 -1 .9 -0 .0 -1 .0 4 -8 2 0 .2 -0 .1 -0 .2 -0 .4 0 .5 0 .5 0 .1 -1 .1 -1 .4 -2 .4 -1 .7 -0 .5 -1 .2 -1 .3 1 -8 3 0 .4 0 .1 0 .0 -0 .1 0 .7 0 .7 0 .4 -0 .7 -0 .8 -1 .6 -0 .9 0 .3 0 .1 0 .6 2 .6 2 -8 3 0 .9 0 .7 0 .7 0 .6 1 .4 1 .5 1 .3 0 .4 0 .4 -0 .0 0 .8 2 .1 2 .4 3 .6 6 .1 9 .7 3 -8 3 1.3 1 .1 1 .1 1 .1 1 .9 2 .0 1 .8 1 .1 1 .2 0 .9 1 .8 3 .0 3 .4 4 .6 6 .6 8 .7 7 .6 4 -8 3 1 .5 1 .3 1 .4 1 .3 2 .1 2 .2 2 .1 1 .5 1 .6 1 .3 2 .2 3 .3 3 .7 4 .6 6 .2 7 .4 6 .3 5 .0 1 -8 4 1 .9 1 .8 1 .8 1 .8 2 .6 2 .7 2 .7 2 .1 2 .3 2 .2 3 .0 4 .1 4 .5 5 .5 6 .9 8 .0 7 .4 7 .3 9 .7 2 -7 9 3 -7 9 4 -7 9 1 -8 0 2 -8 0 3 -8 0 4 -8 0 1-81 2-8 1 3 -8 1 4 -8 1 1 -8 2 2 -6 2 3 -8 2 4 -6 2 1 -8 3 2 -8 3 3 -8 3 4 -8 3 1 .5 1 2 .5 1 .5 2 5 .8 1 * 5 0 6 .9 1 * 485 .8 1 .4 8 9 .3 1 * 4 8 5 .7 1 * 480 .7 1 .4 9 0 .1 1 .5 2 5 .1 1 * 5 5 3 .4 1 * 5 7 2 .5 1 .6 0 9 .3 I N I T I A L QUARTER PREPARED BY FEDERAL RESERVE BANK OF S T . LO U IS JUNE 2 0 » 1984 12 GROSS N A T I O N A L PRODUCT O SCALE QUARTERLY TOTALS AT ANNUAL RATES R A T I O SCALE L L I O N S OF DOLLARS SEASONALLY ADJUSTED T R I L L I O N S OF DOLLARS 976 19 77 1978 1979 1980 1981 1982 1983 1984 SOURCE« U . S . DEPARTMENT OF COMMERCE PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS IN DIC ATED. LATEST DATA PLOTTED: 1ST OUARTER PREPARED BY FEDERAL RESERVE BANK OF S T . LO U IS 13 GENERAL RATIO P RI CE IN D EX * SCALE RATIO 1972=100 SCALE 1972-100 1976 19 7 7 1978 «AS USED IN NATIONAL 1979 1980 1981 INCOME ACCOUNTS 1982 SOURCE: U . S . 1983 1984 DEPARTMENT OF COMMERCE PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS I N D IC A T E D . LATEST DATA PLOTTEDt 1ST QUARTER PREPARED BY FEDERAL RESERVE BANK OF S T . LO U IS IM P L IC IT PRICE DEFLATOR FOR GROSS NATIONAL PRODUCT __________ COMPOUNDED ANNUAL RATES OF CHANGE____________ TERM INAL QUARTER I N I T I A L QUARTER 2 -7 9 3 -7 9 4 -7 9 1 -8 0 2 -8 0 3 -8 0 4 -8 0 1 -8 1 2 -8 1 3 -8 1 4 -8 1 1972 = 100 1 -8 2 2 -8 2 3 -8 2 4 -8 2 1 -8 3 2 -8 3 3 -8 3 4 -8 3 3 -7 9 8 .3 4 -7 9 7 .8 7 .3 1 -8 0 8 .4 8 .4 9 .6 2 -8 0 9 .0 9 .3 1 0 .3 1 0 .9 3 -8 0 9 .0 9 .2 9 .8 9 .9 8 .8 4 -8 0 9 .4 9 .6 1 0 .2 1 0 .4 1 0 .1 1 1 .3 1 -8 1 9 .5 9 .7 1 0 .2 1 0 .4 1 0 .2 1 0 .9 2 -8 1 9 .1 9 .2 9 .5 9 .5 9 .1 9 .2 8 .2 5 .9 3 -8 1 9 .1 9 .2 9 .5 9 .5 9 .2 9 .3 8 .6 7 .6 9 .4 4 -8 1 9 .1 9 .2 9 .4 9 .4 9 .1 9 .2 8 .7 8 .1 9 .2 9 .0 1 -8 2 8 .7 8 .7 8 .8 8 .8 8 .4 8 .4 7 .8 7 .1 7 .5 6 .6 4 .3 2 -8 2 8 .4 8 .4 8 .5 8 .4 8 .1 8 .0 7 .4 6 .8 7 .1 6 .3 5 .0 5 .6 3 -8 2 8 .0 8 .0 8 .1 7 .9 7 .6 7 .4 6 .9 6 .3 6 .4 5 .6 4 .5 4 .6 3 .7 4 -8 2 7 .7 7 .7 7 .7 7 .5 7 .2 7 .0 6 .5 5 .9 6 .0 5 .3 4 .4 4 .4 3 .8 3 .8 1 -8 3 7 .6 7 .5 7 .5 7 .4 7 .1 6 .9 6 .4 5 .9 5 .9 5 .3 4 .6 4 .7 4 .3 4 .7 5 .5 2 -8 3 7 .3 7 .2 7 .2 7 .0 6 .7 6 .5 6 .1 5 .6 5 .6 5 .0 4 .4 4 .4 4 .1 4 .2 4 .4 3 .3 3 -8 3 7 .1 7 .0 7 .0 6 .8 6 .5 6 .3 5 .8 5 .4 5 .3 4 .8 4 .3 4 .2 4 .0 4 .0 4 .1 3 .4 3 .6 4 -8 3 6 .9 6 .8 6 .8 6 .6 6 .3 6 .1 5 .7 5 .3 5 .2 4 .7 4 .2 4 .2 4 .0 4 .0 4 .1 3 .6 3 .7 3 .9 1 -8 4 6 .7 6 .6 6 .6 6 .4 6 .1 5 .9 5 .5 5 .1 5 .1 4 .6 4 .2 4 .2 3 .9 4 .0 4 .0 3 .7 3 .8 3 .9 3 .8 2 -7 9 3 -7 9 4 -7 9 1 -8 0 2 -8 0 3 -8 0 4 -8 0 1-81 2 -8 1 3-8 1 4 -8 1 1 -8 2 2 -8 2 3 -8 2 4 -8 2 1 -8 3 2 -8 3 3 -8 3 4 -8 3 1 6 5.12 16 8 .0 5 1 7 1 .9 4 176*46 1 8 0 .2 4 1 8 5 .1 3 1 0 .5 1 8 9 .8 3 1 9 2 .5 6 1 9 6 .9 4 2 0 1 .2 2 203*36 2 0 6 .1 5 208*03 2 1 0 .0 0 212*83 214*55 216*44 218*53 220*60 I N I T I A L QUARTER PREPARED BY FEDERAL RESERVE B/*iK OF S T . LO UIS JUNE 20 » 1984 14 PERSONAL CONSUMPTION EXPENDITURES I N CURRENT DOLLARS ____________ COMPOUNDED ANNUAL RATES OF CHANGE_____________ TERMINAL QUARTER B I L L IO N S OF DOLLARS ANNUAL RATES I N I T I A L QUARTER 2 -7 9 3-7 9 4-79 3—79 14 .9 4-7 9 14.3 13.7 1-80 13. 3 12.4 11. 2 2-80 10 .2 8 .6 6.2 1-80 2-80 3-8 0 4 -8 0 1-8 1 2-8 1 3-81 4-81 1-8 2 2-82 3-8 2 4-8 2 1-8 3 2 -8 3 3-8 3 4-8 3 1.5 2 8 .3 1.5 78.0 1.6 20.5 1 .5 1,6 2 6 .4 3-80 11.1 10.1 9.0 7 .9 14 .8 4-80 11 .7 11.0 1 0 .4 10.1 14.7 1- 8 1 12.1 11.6 11 .2 11 .2 1 4 .7 14.7 14 .7 2 -8 1 11.5 11.0 10.6 10.5 12.9 12 .2 11.1 7.5 3-81 11 .5 11.1 10.7 10.6 12 . 6 12.0 11.2 9 .5 11 .4 4-81 10.7 10.3 9.8 9 .7 11 .1 10.4 9 .3 7.6 7.6 3.9 1- 8 2 10 .4 10.0 9.6 9.4 10.6 9 .9 8 .9 7 .5 7.6 5.7 7 .5 2-82 10.2 9 .7 9.3 9.1 10.1 9 .5 8 .7 7.5 7.5 6.2 7.3 7.2 3-8 2 9.9 9.5 9.2 9.0 9.8 9.2 8.5 7.5 7.5 6.5 7.4 7.3 1 .6 8 3 .4 14.6 1 .7 41.9 1,8 02.8 1,8 3 5 .8 1.8 8 6 .1 1,9 0 4 .1 1 ,9 3 8 .9 1.972.8 7.5 2,0 0 8 .8 4-82 9.8 9 .4 9.1 8 .9 9.6 9 .1 8 .4 7.5 7.5 6.8 7.5 7.5 7.7 7.8 1-83 9.5 9.1 8.8 8.6 9.2 8 .7 8.0 7 .2 7.2 6.5 7.0 6.9 6. 8 6 .5 5.2 7.7 8.3 8.5 8.8 9 .3 10.0 15.1 2 ,0 4 6 .9 2,0 7 3 .0 2-83 9.8 9 .5 9 .2 9 .0 9.7 9 .2 8.7 8.1 8.1 3-83 9.6 9.3 9 .0 8 .9 9.4 9.0 8.5 7.9 8.0 7.5 8.1 8.2 8.4 8 .6 8.8 10 .7 6 .5 4-83 9.6 9 .3 9.0 8.9 9 .4 9 .1 8 .6 8.1 8.1 7 .7 8 .2 8.3 8.5 8.8 9.0 10 .3 8 .0 9 .5 1-84 9.6 9 .4 9.1 9.0 9.5 9 .1 8.7 8.2 8.3 8.0 8 .5 8.6 8 .8 9 .0 9 .2 10 .3 8 .7 9.9 10 .3 2 -7 9 3 -7 9 4-79 1 -8 0 2-80 3-80 4 -8 0 1-81 2- 8 1 3-81 4-81 1-8 2 2- 8 2 3-82 4-82 1-8 3 2-8 3 3-8 3 4 -8 3 2 ,1 4 7 .0 2,1 81.1 2 ,2 3 0 .9 2 ,2 8 6 .2 I N I T I A L QUARTER PERSONAL CONSUMPTION EXPENDITURES IN 1972 DOL LARS COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL QUARTER -------- B I L L IO N S OF DOLLARS ANNUAL RATES I N I T I A L QUARTER 2 -7 9 3 -79 5.1 4 -7 9 4.2 3 -7 9 4-79 1-80 2-8 0 3-8 0 4 -8 0 1-8 1 2- 8 1 3—8* 4-81 1- 82 2- 8 2 3-8 2 4-82 1-8 3 2-8 3 3-83 * -9 3 93 0.9 3 .3 938.6 1 -8 0 2 .7 1.6 “0 . 1 2-80 0.0 -1 .6 “4 . 0 -7 .7 3-8 0 0.9 -0 .2 -1 .3 -1 .9 4.3 4-8 0 1.5 0 .8 0.1 0.2 4.5 4.6 1 -8 1 2.1 1.6 1.3 1.6 5.0 5.3 938.3 919.6 929.4 940.0 5 .9 953.6 2-8 1 1. 9 1.5 1.1 1 .4 3 .8 3 .6 3 .2 0.5 3 -8 1 2 .1 1.7 1.5 1 .7 3 .7 3 .6 3 .3 2.0 3.5 4-81 1.6 1 .2 0 .9 1.1 2 .6 2.3 1 .7 0 .3 0 .2 -3 .0 1 -8 2 1 .6 1 .3 1 .1 1.2 2.6 2.3 1.8 0 .8 0.9 -0 .3 2 .4 2-82 1.8 1.5 1 .3 1.4 2 .6 2.4 2.0 1.3 1 .5 0.8 2.8 95*. 7 962.9 9 5 5 .7 961.4 3.1 968.8 3 -8 2 1 .7 1.4 1.2 1.4 2.4 2 .2 1.9 1.2 1.4 0.8 2.1 2.0 0.9 4-8 2 1.8 1.6 1.4 1 .6 2 .6 2.4 2.1 1.5 1.7 1.4 2 .5 2.5 2 .2 3.6 1-83 1 .9 1 .7 1.5 1 .7 2.6 2.4 2.2 1 .7 1.9 1.6 2 .6 2.6 2.5 3.3 2 .9 2-83 2.4 2.2 2.1 2.3 3 .2 3.1 2 .9 2.6 2.9 2.8 3.8 4 .1 4.3 5 .5 6 .4 1 0 .0 3-83 2.4 2 .2 2.1 2.3 3 .1 3.0 2.9 2.6 2 .8 2 .7 3 .6 3.8 3.9 4 .6 5 .0 6 .0 2 .2 4-8 3 2.6 2 .5 2 .4 2 .6 3 .4 3.3 3 .2 2.9 3.2 3 .1 3 .9 4.1 4.3 5 .0 5 .4 6 .2 4 .3 6 .5 1-84 2 .8 2 .7 2 .6 2 .8 3 .6 3 .5 3.4 3 .2 3 .5 3.5 4.2 4 .4 4.6 5.2 5.6 6 .2 5 .0 6.5 6 .4 2 -7 9 3-7 9 4-79 1 -8 0 2-80 3 -8 0 4-8 0 1-81 2 -8 1 3-8 1 4—81 1-8 2 2 -8 2 3-82 4 -8 2 1-8 3 2-8 3 3-8 3 4 -8 3 971.0 979.6 986.7 1,0 10.6 1 * 01 6 .0 1.0 3 2 .2 1,0 4 8 .3 I N I T I A L QUARTER PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS JUNE 2 0 » 1984 15 GROSS PRIVATE DOMESTIC INVESTMENT IN CURRENT DOLLARS ____________ COMPOUNDED ANNUAL RATES OF CHANGE_____________ B IL L IO N S OF TERMINAL QUARTER I N I T I A L QUARTER 2 -7 9 1 -8 0 4 -7 9 3 -7 9 2 -8 0 3 -8 0 4 -8 0 3 -7 9 3 .4 4 -7 9 -5 .3 -1 3 .3 1 -8 0 -2 .0 -4 .5 2 -8 0 -7 .9 - 1 1 . 4 -1 0 . 5 - 2 3 . 8 3 -8 0 -9 .2 -1 2 .1 -1 1 . 8 -1 9 .1 -1 4 .2 4 -8 0 -2 .6 -3 .8 -1 .2 -3 .2 9 .0 3 8 .5 1 -8 1 3 .6 3 .6 7 .4 7 .9 2 1 .2 4 4 .1 4 9 .8 2 -8 1 1 -8 1 3 -8 1 D O LLARS 4 -8 1 ANNUAL RATES 1-8 2 2 -8 2 3 -8 2 4 -8 2 1 -8 3 2 -8 3 3 -8 3 4 -8 3 431 .9 .ft 5 .1 4 7 ? ,_n 3 9 4 ,. 3 Í7 Q * 1 1 . .7 4 5 5 ,- 5 2 -8 1 5 .0 5 .2 8 .7 9 .4 1 9 .7 3 3 .8 3 1 .5 1 5 .4 3 -8 1 6 .7 7 .1 1 0 .4 1 1 .3 2 0 .1 3 0 .6 2 8 .1 1 8 .5 4 -8 1 4 .3 4 .4 6 .9 7 .1 1 3 .4 1 9 .9 1 5 .7 6 .1 1 -8 2 -0 .5 -0 .8 0 .6 0 .1 4 .1 7 .5 2 .2 -7 .2 472,. 1 2 1 .6 4 0 5 .. 8 1 .7 - 1 4 . 9 476,»2 -1 3 . 6 - 2 7 . 2 - 3 7 . 8 4 2 2 .9 2 -8 2 0 .3 0 .1 1 .5 1 .1 4 .7 7 .8 3 .3 -4 .1 -8 .4 -1 6 .6 -1 7 .5 9 .4 3 -8 2 -0 .2 -0 .5 0 .7 0 .3 3 .4 5 .9 1 .9 -4 .5 -8 . 0 -1 4 .2 -1 4 .0 1 .1 4 -8 2 -3 .6 -4 .1 -3 .3 -4 .0 -1 .7 -0 .2 -4 .3 -1 0 .2 -1 3 .9 -1 9 .6 -2 0 .7 -1 4 .1 432,-5 -6 .5 4 2 5 .3 377 .4 -2 3 .9 -3 8 .0 1 -8 3 -1 .5 -1 .9 -0 .9 -1 .4 0 .9 2 .5 -0 .8 -5 .8 -8 .5 -1 2 .7 -1 2 .3 -4 .4 -8 .7 -9 .7 3 1 .4 2 -8 3 1 .2 1 .1 2 .2 2 .0 4 .5 6 .4 3 .6 -0 .5 -2 .4 -5 .4 -3 .7 5 .1 4 .1 7 .8 4 2 .2 5 3 .9 3 -8 3 3 .8 3 .8 5 .0 5 .0 7 .7 9 .7 7 .4 3 .9 2 .7 0 .5 3 .0 1 2 .0 1 2 .5 1 7 .8 4 5 .9 5 3 .8 5 3 .6 4 -8 3 5 .0 5 .1 6 .3 6 .4 9 .0 1 1 .0 9 .0 5 .8 4 .9 3 .2 5 .7 1 4 .1 1 4 .9 1 9 .7 4 1 .1 4 4 .5 4 0 .0 2 7 .5 1 -8 4 7 .5 7 .8 9 .1 9 .4 1 2 .1 1 4 .2 1 2 .6 9 .9 9 .4 8 .3 1 1 .2 1 9 .6 2 1 .1 2 6 .4 4 5 .8 4 9 .6 4 8 .2 4 5 .6 6 6 .2 2 -7 9 3 -7 9 4 -7 9 1 -8 0 2 -8 0 3 -8 0 4 -8 0 1-8 1 2-8 1 3 -8 1 4 -8 1 1 -8 2 2 -8 2 3 -8 2 4 -8 2 1 -8 3 2 -8 3 3 -8 3 4 -8 3 4 0 4 ,.1 450,.1 501 . 1 532,.5 604 .6 I N I T I A L QUARTE* GROSS PR IVATE DOMESTIC INVESTMENT IN 1972 DOLLARS ___________COMPOUNDED ANNUAL RATES OF CHANGE___________ TERMINAL QUARTER 2 -7 9 3 -7 9 4 -7 9 3 -7 9 4 -7 9 1 -8 0 2 -8 0 3 -8 0 4 -8 0 1-8 1 2 -8 1 —6 .6 3 -8 1 4 -8 1 1 -8 2 2 -8 2 3 -8 2 4 -8 2 1 -8 3 2 -8 3 3 -8 3 4 -8 3 2 3 7 .2 - 1 2 .8 - 1 8 . 6 -9 .3 2 2 5 .3 -1 0 .6 -1 .8 2 -8 0 - 1 6 .1 - 1 9 . 1 -1 9 .3 -3 3 .7 3 -8 0 -1 4 .8 - 1 6 . 8 1 -8 0 B ILL IO N S OF DOLLARS ANNUAL RATES I N I T I A L QUARTER 2 2 4 .3 2 0 2 .4 1 9 7 .4 -9 .5 -6 .8 -8 .4 7 .7 2 8 .1 1 -8 1 -4 .5 -4 .1 -0 .9 -0 .7 1 3 .6 2 7 .3 2 6 .5 2 -8 1 -2 .5 -1 .9 1 .2 1 .9 1 3 .4 2 2 .2 1 9 .4 1 2 .8 3 -8 1 -0 .9 -0 .2 2 .8 3 .5 1 3 .2 1 9 .7 1 7 .0 1 2 .6 1 2 .4 2 3 6 .3 -0 .6 - 6 . 7 -2 2 .5 2 2 1 .7 -1 0 .3 - 1 6 . 9 - 2 8 . 6 - 3 4 . 2 1 9 9 .7 0 1 -2 2 .5 -9 .3 CO -1 6 .2 -8 .8 2 1 0 .0 4 -8 1 -3 .3 -3 .0 -0 .8 -0 .7 6 .3 9 .7 5 .6 1 -8 2 -6 .6 —6 . 7 -5 .2 -5 .6 -0 .8 0 .8 -3 .9 2 2 2 .7 2 2 9 .5 2 -8 2 -5 .8 -5 .8 -4 .4 -4 .7 -0 .2 1 .2 -2 .7 -7 .7 -1 2 .2 -1 9 .2 -1 7 .5 3 .4 3 -8 2 -5 .8 -5 .8 -4 .5 -4 .8 -0 .9 0 .3 -3 .2 -7 .4 -1 1 .0 -1 6 .0 -1 3 .8 -1 .3 4 -8 2 -8 .3 -8 .4 -7 .5 -8 .0 -4 .9 -4 .4 -7 .8 -1 1 .9 -1 5 .5 -2 0 .1 -1 9 .5 -1 4 .0 1 9 8 .4 1 7 8 .4 -2 1 .5 -3 4 .6 1 -8 3 -6 .2 -6 .1 -5 .1 -5 .4 -2 .3 -1 .5 -4 .4 -7 .6 -4 .9 -7 .5 -8 .3 2 8 .7 2 -8 3 -3 .4 -3 .2 -2 .0 -2 .0 1 .3 2 .3 0 .0 -2 .5 -4 .3 -6 .5 -3 .5 4 .2 4 .4 8 .0 3 8 .8 4 9 .8 3 -8 3 -1 .1 -0 .7 0 .6 0 .8 4 .1 5 .3 3 .5 1 .4 0 .2 -1 .2 2 .3 1 0 .1 1 1 .5 1 6 .3 4 0 .9 4 7 .4 4 5 .1 4 -8 3 0 .4 0 .8 2 .1 2 .4 5 .6 6 .9 5 .3 3 .6 2 .7 1 .7 5 .2 1 2 .4 1 4 .0 1 8 .5 3 7 .4 4 0 .5 3 6 .1 2 7 .6 1 -8 4 3 .0 3 .5 5 .0 5 .5 8 .8 1 0 .2 8 .9 7 .6 7 .1 6 .6 1 0 .5 1 7 .9 2 0 .1 2 5 .0 4 2 .4 4 6 .0 4 4 .8 4 4 .6 6 3 .8 2 -7 9 3 -7 9 4 -7 9 1 -8 0 2 -8 0 3 -8 0 4 -8 0 1-8 1 2 -8 1 3 -8 1 4 -8 1 1 -8 2 2 -8 2 3 -8 2 4 -8 2 1 -8 3 2 -8 3 3 -8 3 4 -8 3 -1 0 .2 -1 3 .5 -1 1 .6 2 0 1 .4 -5 .8 1 9 0 .0 2 1 0 .2 2 3 0 .7 2 4 5 .2 2 7 7 .4 I N I T I A L QUARTER PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS JUNE 2 0 » 1984 16 GOVERNMBlT PURCHASES OF GOODS AND SERVICES IN CURRENT DOLLARS TERMINAL QUARTER 2 -7 9 3-7 9 4-7 9 3-7 9 1 2 . 6 4-7 9 14.8 16.9 1 -8 0 15 .5 17.0 17 .1 2-80 15.3 16.2 15 .8 1-8 0 2-8 0 3-80 4 -8 0 1-8 1 2- 8 1 3-81 4 -8 1 2 -8 2 3 -8 2 4-ft? 1-8 3 2-8 3 3 - 8 3 4 - 8 3 4Q7./, 5 1 7-6 14 .6 535-5 3-80 12 .7 12 .7 U .3 8.5 2.7 13.1 13.2 12 .3 10.8 _9.0 15.6 1- 8 1 13.1 13.2 12 .5 11 .3 10 .3 14.3 1 2.0 *»so.n 13.0 576.3 11, 2 10.1 9 .0 1 1 .1 9 .0 5.1 3-81 12.1 12.0 11 .3 10.4 9 .6 11.4 10.0 8.5 1 2 .0 4-8 1 12 .4 12.4 11 .9 11.2 10.6 1 2 .2 11.4 1 0 .9 13.9 15.9 1 -8 2 11 .7 11 .6 11 .0 10.3 9.7 10.9 10.0 9 .3 10.7 10.1 4 .6 2-82 10.8 10 .6 10 .0 9.2 8.6 9 .5 8 .5 7 .6 8 .2 7.0 2.8 _12.1__ 1—B2 4 7 « *5 4-80 2 - 8 1 .... B I L L IO N S OF nm i a r s ANNUAL RATES I N I T I A L QUARTER 6 Û Û . 3 6 2 2 . 8 62 9 . 8 1 .1 631.6 3-82 11.2 11.1 10 .6 9.9 9 .4 10.3 9.5 9.0 9.8 9.2 7.1 8 .4 16 .2 4-82 11 .5 11.4 11 .0 10 .4 10.0 10.8 10.3 9 .9 1 0 .7 10. 4 9.1 10.7 15.8 15.5 655.7 679.7 10.6 10 .4 1 0 .0 9 .4 8.9 9.6 8.9 8.4 8.9 8.4 7.0 7.6 9.8 6 .7 —1 . 3 10.1 o • o 9.5 8.9 8.5 9 .0 8 .4 7 .9 8.2 7.7 6 .4 6.8 8 .2 5.7 1.1 3 .6 3-83 10.1 9.9 9.5 8 .9 8.5 9 .0 8 .4 8 .0 8.3 7.9 6.8 7.1 8.4 6.5 3.7 6 .3 9 .0 4-8 3 9.5 9 .3 8.9 8 .3 7.9 8.3 7.7 7 .3 7.5 7.0 5 .9 6.1 7.0 5.2 2.8 4 . 3 4 .6 0.4 1 -8 4 9 .3 9.1 8.6 8.1 7 .7 8 .1 7 .5 7 .1 7 .3 6.8 5.8 6.0 6.7 5.2 3 .3 4 .5 4 .7 2.7 5.0 2 -7 9 3-7 9 4-79 1-80 2-80 3-80 4-8 0 1-8 1 2-81 3-81 4 -8 1 1-8 2 2—82 3 - 8 2 4-82 1-83 2-8 3 3-8 3 4 -8 3 1-4 1 -8 3 2-8 3 6 7 7 - 4 683.4 698.3 699.0 707.6 I N I T I A L QUARTER GOVERNMENT PURCHASES OF GOODS AND SERVICES IN 1972 DOLLARS _____________ COMPOUNDED ANNUAL RATES OF CHANGE _______________ TERMINAL QUARTER B I L L IO N S OF DOLLARS ANNUAL RATES I N I T I A L QUARTER 2-79 3-7 9 4-79 1-80 2-80 3-80 4 -8 0 1-8 1 2-81 3-7 9 2.9 4 -7 9 3.2 3 .5 1-8 0 3 .5 3.8 4 .0 2-8 0 3 .6 3.8 4 .0 4 .0 3-80 2.1 1.9 1.3 0.0 -3 .8 0 CO 1 1.4 1.1 0.5 -0 .7 -3 .0 -2 .1 1-81 1.8 1 .6 1.2 0 .6 -0 .6 1.1 4.5 2-8 1 1. 3 1.1 0 .7 0 .0 -0 .9 0.0 1.1 -2 .1 3-81 1.6 1 .4 1. 1 0 .7 0.0 1.0 2.0 0 .8 3 .9 4 -8 1 1.8 1.7 1.5 1.1 0.6 1.6 2.5 1.9 3.9 3-81 4-81 1- 82 2- 6 2 3-82 4-8 2 1-83 2-8 3 3 -8 3 4 -8 3 278.8 281.2 284.0 286.8 2 8 4 .0 282.5 285.6 284.1 2 8 6 .8 4.0 289.6 1-82 1.6 1.5 1 .3 0 .9 0 .5 1.3 1 .9 1.3 2.5 1.8 -0 .3 2-82 1.1 0 .9 0 .7 0 .3 -0 .2 0 .4 0.8 0 .1 0 .6 -0 .5 -2 .6 -4 .9 3 -8 2 1 .7 1.6 1.4 1.1 0 .8 1.4 1.9 1.5 2*3 1.9 1.2 1.9 9.3 4 -8 2 2.3 2 .2 2.1 2.0 1 .8 2.4 3 .0 2.8 3 .6 3.6 3.5 4 .8 1 0 .0 10.7 1-83 1 .5 1.4 1.3 1.0 0.8 1.2 1 .6 1.3 1 .8 1.4 0.9 1.2 3 .3 0 .5 -6 .8 2-83 1.4 1.3 1.1 0 .9 0.6 1.0 1.3 1.0 1.4 1 .1 0.6 0.7 2.2 -0 .0 -5 .0 1.3 1 .6 1 .3 28 9.4 2 8 5 .8 29 2.2 299.7 292.9 -1 .1 2 9 2 .1 3-8 3 1.5 1.4 1.3 1.1 0 .9 1.7 1 .5 1 .1 1.3 2.6 1.0 -2 .0 1 .6 4 .3 4-8 3 1.2 1.1 1.0 0.8 0.5 0.9 1.1 0 .8 1.1 0.8 0.5 0 .6 1 .5 0 .0 -2 .5 -0 .3 0 .1 -3 .9 1-84 1 .1 1.0 0 .8 0 .6 0 .4 0 .7 0 .9 0.6 0.9 0.6 0.2 0.3 1.0 -0 .3 -2 .3 —0 . 6 -0 .5 -2 .8 -1 .8 2- 7 9 3-7 9 4-7 9 1-80 2-8 0 3-8 0 4-8 0 1- 8 1 2-81 3-81 4-81 1-8 2 2-6 2 3-6 2 4-8 2 1-6 3 2 -8 3 3 -8 3 4-8 3 295.2 292.3 291.0 I N I T I A L QUARTER PREPARED BY FEDERAL RESERVE BANK OF S T . LO U IS JUNE 2 0 » 1984 17 DISPOSABLE PERSONAL INCOME IN CURRENT DOLLARS COMPOUNDED ANNUAL RATES OF CHANGE_________ B I L L IO N S OF TERMINAL__________________________________________________________________ I N I T I A L QUARTER________________________________________________________________ DOLLARS QUARTER ANNUAL RATES 2 -7 9 3-7 9 4-7 9 3 -8 1 4 - 8 1 1-8 0 1-81 2-81 1- 8 2 2-80 3 -8 0 4 -8 0 2 -8 2 3-8 2 4-8 2 1-8 3 2-8 3 3 -8 3 4 -8 3 3-79 13 .0 4-7 9 11. 5 10 .1 1 .6 7 4 .3 12.3 12.0 13 .9 10.2 9.3 8.9 4.1 3-80 10 .8 1 0.3 10. 3 8 .6 1 3 .2 11 .3 1 1 .0 11.3 10.4 13.6 14.1 1 -8 1 11.6 1 1 .4 1 1 .6 11.1 13 . 5 13.6 1 3 .1 2-81 11 .3 11 .0 11. 2 10.6 12.3 12 .0 11.0 9 .0 00 o 1 -8 0 2-80 ! 1 .7 14.9 1.771.7 1.7 89.8 1 .8 4 6 .0 1 .9 0 8 .0 1.967.6 2 .0 10.4 3-8 1 11 .9 11.8 12 .0 11 .7 1 3 .3 1 3 .3 13.1 13.0 17. 3 4-8 1 11 .3 11 .1 11 .2 10.8 1 2 .0 11.7 11.1 1 0 .5 11.3 5.6 1 -8 2 10 .3 10 .1 10. 1 9 .6 10.4 9.9 9 .1 8 .1 7 .9 3.5 1 .4 2-82 10 .0 9 .7 9.6 9 .2 9.8 9.4 8.6 7.7 7.4 4 .3 3 .7 6.0 3-82 9.7 9 .4 9 .3 8 .9 9 .4 9.0 8.2 7.4 7.1 4.8 4.5 6.1 6.2 4 -8 2 9.5 9 .2 9.1 8 .7 9 .2 8.7 8.1 7.4 7.1 5 .2 5.1 6.3 6.5 1-8 3 9.2 8 .9 8.8 8 .4 8.8 8 .4 7.7 7.1 6.8 5 .2 5 .1 6.0 6 .0 6.0 5.1 2-83 9.1 8 .8 8.8 8 .4 8.7 8 .3 7.8 7 .2 7.0 5.6 5 .6 6.5 6.6 6 .7 6.7 2.0 9 2 .0 2 .1 2 0 .5 2.1 2 7 .9 2 .1 59.0 2 .1 91.5 6 .8 2 .227.8 2.2 5 5 .9 8 .2 2*301.0 9 .0 8 .9 8 .6 8.9 8.6 8.1 7 .6 7.4 6.3 6.3 7.2 7.4 7.8 8.1 9 .6 11.0 9.3 9 .1 9.0 8.7 9.1 8 .7 8.3 7 .9 7 .8 6.8 6 .9 7 .7 8.0 8 .4 8 .8 10 .1 11.0 11 .0 f-4 9.6 9 .4 9.3 9 .0 9 .4 9.1 8.7 8.4 8 .3 7.5 7 .7 8.5 8.9 9 .3 9.8 11 .0 12 .0 12.5 14.1 2-79 3-7 9 4-79 1-80 2-80 3-80 4-8 0 1-81 2-8 1 3-8 1 4-81 1- 8 2 2 -8 2 3-82 4-82 1-83 2-8 3 3-8 3 4—83 * 9.2 00 1 3-8 3 4-8 3 2 .3 6 1 .7 2* 4 2 3 .9 2.5 04.9 I N I T I A L QUARTER DISPOSABLE PERSONAL INCOME I N 1972 DOLLARS COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL QUARTER B I L L IO N S OF DOLLARS ANNUAL RATES 2-79 3 -7 9 3 .2 1.7 0.1 1-8 0 1 .9 1.2 N 2-8 0 3-80 4 -8 0 1-81 2-81 3- 8 1 4-81 1-8 2 2 -8 2 3-82 4-82 1-8 3 2-8 3 3-83 4-8 3 1.0 19.8 1.020.1 2.3 1*025.8 0 1 0.0 -1 .0 -1 .6 -5 .3 3-8 0 0.6 -0 .1 -0 .1 -1 .3 2 .9 4-8 0 1 .2 0 .8 0.9 0 .5 3.5 4 .1 1-81 1.6 1 .4 1.6 1 .5 3.8 4.3 4 .4 2-81 1 .7 1 .4 1.7 1 .5 3 .3 3.5 3 .1 1.9 » 1 «V 2.4 2.3 2 .7 2 .7 4 .4 4 .8 5.0 5.3 8.9 4-8 1 2.0 1.9 2.1 2 .1 3.4 3.5 3.4 3.0 3.6 1.0 12.0 1 * 01 9 .2 1 .0 2 9 .6 1 * 0 4 0 .7 1.0 4 5 .6 1.0 6 8 .1 -1 .4 1* 0 6 4 .3 1-8 2 1.5 1 .4 1.5 1.4 2.4 2.3 2 .0 1.4 1.2 -2 .4 -3 .4 2-8 2 1.6 1 .4 1.6 1.5 2 .4 2.3 2 .0 1.5 1.4 -1 .0 -0 .8 1.9 1 00 00 3-7 9 4-7 9 4-7 9 1 00 o I N I T I A L QUARTER 1.3 1 .4 1.3 2.1 1.9 1.6 1.2 1.0 -0 .8 -0 .6 0.8 -0 .3 1* 055 .1 1.5 1 .4 2.1 2.0 1.8 1.4 1.3 -0 .1 0 .2 1.4 1.1 2 .6 1.5 1.6 1 .5 2 .2 2.1 1.9 1.6 1.5 0.4 0 .7 1 .8 1.7 2.8 2.9 2-8 3 1.7 1.6 1.7 1 .7 2.3 2.2 2 .0 1.8 1.8 0.8 1.2 2.1 2 .2 3 .0 3.2 3-8 3 2. 0 1.9 2.0 2 .0 2.6 2 .6 2.4 2.2 2.3 1.5 1.9 2.8 3 .0 3 .9 4 .3 5.0 6 .4 4-8 3 2.3 2.3 2 .4 2 .4 3.0 3.0 2 .9 2.8 2.8 2.2 2 .7 3.5 3. 8 4 .7 5.2 6 .0 7 .2 8 .0 1-84 2 .7 2 .7 2.8 2 .9 3 .4 3 .5 3.4 3.3 3.5 2 .9 3 .4 4.3 4.7 5.5 6 .1 7 .0 8 .1 9.0 1 0 .0 2 -7 9 3 -7 9 4 -7 9 1 o 2-8 0 3-80 4 -8 0 1-81 2-81 3-8 1 4-81 1-8 2 2- 8 2 3-82 4-82 1 -8 3 2 -8 3 3-8 3 4 -8 3 00 (M 1.4 1 .6 M 00 1 4- 1 .5 1-83 W fSi 1.0 6 0 .2 1 .4 1* 05 9 .3 1* 06 6 .1 1 .0 73.8 1* 08 3 .1 3 .5 1* 100 .1 1* 12 1 .5 1 * 14 8 .6 I N I T I A L QUARTER PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS JUNE 2 0 » 1984 18 CORPORATE PROFITS AFTER TAXES* COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL QUARTER 2 -7 9 3 -7 9 4-7 9 1 -8 0 2-80 3 -7 9 4-79 1 -8 0 2-80 3 -80 4 -8 0 1-81 2 -8 1 3 -8 1 4-81 1- 8 2 2- 8 2 3-8 2 4-8 2 1-8 3 2-8 3 3-8 3 4-8 3 13.0 16 9. 6 0 .6 - 1 0 . 4 1 .4 -4 .0 -1 5 .3 -2 3 .0 165.0 2.9 1 6 6 .2 -2 8 .6 -5 0 .5 1 3 9 .4 3-80 -8 .7 -1 3 .4 -1 4 .4 -2 1 .9 2 3 .3 0 00 1 4- -7 .4 -1 1 .0 -11 .1 -1 5 .3 1 0 .7 -0 .5 -8 .4 1 2 .4 7.3 -1 0 .9 -11 .0 -1 3 .5 —0 . 6 1*6.9 1 4 6 .7 1 -8 1 -4 .3 2-81 -8 .2 3-8 1 -5 .7 -7 .9 -7 .5 -9 .1 2.6 -2 .0 -2 .4 -10 .5 16.5 4-81 -5 .8 -7 .7 -7 .3 -8 .7 1.1 -2 .8 -3 .4 -9 .1 4.5 1-82 B I L L IO N S OF DOLLARS ANNUAL RATES I N I T 7 A L QUARTER -7 .0 -6 .3 15.9 1 5 2. 2 -7 .5 -1 0 .7 -3 1 .2 -12 .8 - 1 5 . 0 -1 5 .5 -1 7 .6 -1 1 .4 -1 6 .1 -1 8 .9 -2 5 .8 1 3 8. 6 14 4. 0 -6 .2 1 4 1. 7 -2 3 .9 -3 8 .5 -5 9 .7 11 2 .9 2-82 -10 .6 -1 2 .5 -1 2 .7 -1 4 .3 - 8 .2 -1 2 .0 -1 3 .8 -1 8 .8 -1 5 .3 -2 3 .8 -3 1 .4 16 .9 3-8 2 -1 0 .1 -1 1 .8 -1 1 .9 -1 3 .2 -7 . 7 -1 0 .9 -1 2 .3 -1 6 .3 -1 3 .0 -1 9 .1 -2 3 .0 6.5 -3 .0 4-8 2 -10 .1 -1 1 .6 -1 1 .7 -1 2 .9 -7 .9 -1 0 .8 -1 2 .0 -1 5 .4 -1 2 .5 -1 7 .3 -1 9 .9 0.7 -6 .5 1-83 -1 0 .6 -1 2 .1 -12 .2 -1 3 .3 -8 .8 -1 1 .5 -1 2 .7 -1 5 .7 -13 .2 -1 7 .3 -1 9 .4 -4 .2 1 1 7 .4 1 1 6 .5 -9 .9 113.5 -1 0 .3 -1 3 .7 -1 7 .4 10 8. 2 2-83 -6 .2 -7 .4 -7 .2 -7 .9 -3 .0 -5 .1 -5 .5 -7 .7 -4 .2 -6 .8 —6 . 9 1 0 .0 8.3 12.4 25 .6 91 .0 3-8 3 -3 .1 -4 .0 -3 .5 -4 .0 1.0 -0 .6 -0 .6 -2 .2 1.7 0.0 1.0 17.7 17.8 23 .7 37.5 77 .4 64 .7 4 -8 3 -3 .1 -4 .0 -3 .5 -3 .9 0 .7 -0 .8 -0 .9 -2 .3 1.2 -0 .3 0.4 14.4 14 .0 1 7 .8 25.9 4 4 .9 26 .2 -3 .3 1-8 4 -1 .7 -2 .5 -2 .0 -2 .3 2.3 0.9 1.0 -0 .1 3.3 2.1 3.0 15.9 15.7 19.2 26.1 4 0 .1 2 6 .4 10 .7 2 6 .7 2- 7 9 3-7 9 4-79 1-80 2-80 3-80 4-8 0 1-8 1 2- 8 1 3- 8 1 4-81 1-8 2 2-8 2 3-82 4-8 2 1-8 3 2 -8 3 3-8 3 4-8 3 12 7 .2 1 4 4 .1 142.9 15 1 .6 I N I T I A L QUARTER * NATIONAL INCOME BASIS PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS JUNE 2 0 , 1984 HISTORICAL SOURCES OF NATIONAL INCOME AND PRODUCT ACCOUNTS DATA The NIPA estimates for 1929-76 are in The National Income and Product Accounts of the United States, 1929-76; Statistical Tables (Stock number 003-010-0O101-1, price $10.00). Estimates for 1977-79 and corrections for earlier years are in the July 1982 SURVEY; estimates for 1980-82 and corrections for earlier years are in the July 1983 SURVEY. Summary NIPA Series, 1950-82, are in the October 1983 SURVEY. Estimates for the periods since, appear in subsequent issues of the monthly Survey of Current Business. These publications are available from the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. For further information, write to the National Income and Wealth Division (BE-54) Bureau of Economic Analysis, U.S. Department of Commerce, Washington, D.C. 20230. 19 I N V E N T O R I E S COMPARED WI T H MONTHLY S A L E S * MANUFACTURING AND TRADE .6 8 68 . 64 64 . 60 60 . 56 56 . 52 52 . 48 48 . 44 44 . 40 40 . 36 Î .34- 36 .32 32 . 28 28 24 . 24 1 * RAT I OS BASED ON SEASONALLY ADJUSTED DATA. SOURCE: U . S . DEPARTMENT OF COMMERCE SHADED AREAS REPRESENT PERIODS OF BUSINESS RECESSI ONS. DATA REVI SED FROM 1 9 7 7 . LATEST DATA PLO TTED: A PR I L PRE L I MI NARY PREPARED BY FEDERAL RESERVE BANK OF ST. 20 L OUI S
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